Turkish gold demand lifts Italian jewellery exports as leather goods suffer
MILAN, Aug 12 (Reuters) -A surge in demand for gold from inflation-stricken Turkey boosted exports of jewellery from Italy's industrial district of Arezzo in Tuscany, data showed on Monday, offsetting a drop in leather goods sales from the nearby Florence area.
Demand from Turkey, where inflation was running at 61.8% in July, drove jewellery exports from the Arezzo area up 133% in the first quarter of the year versus 2023, an Intesa Sanpaolo report on Italy's industrial districts showed.
Exports from the other two Italian jewellery districts, the northeastern Vicenza area and Valenza Po, in Piedmont, also rose.
Gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty.
Exports from the Arezzo jewellery district totalled 1.8 billion euros ($2 billion) in the first quarter, from 800 million a year before, Intesa said.
That is welcome news for the Tuscan economy, which has been hit hard by the global slowdown in luxury goods demand, with exports of leather goods from the Florence district down 23% in the first quarter to 1.35 billion euros.
Tuscany is home to hundreds of small suppliers of the luxury goods industry and a cooling in demand led by China, which has dealt a blow to brands like Kering's PRTP.PA Gucci, prompted companies to put thousands of local workers on furlough.
"Districts that supply the fashion industry have suffered from a drop in consumer spending, but also a normalisation of stock levels after two years of strong increase, and the reorganisation of logistics by distributors," the report said.
Meanwhile, Tuscan olive oil exports jumped 72% year-on-year to 382 million euros in the first quarter.
Overall, exports from Italy's industrial districts - small hyper-specialised production areas - fell 1.1%, Intesa said, adding slowing world trade had been driving a decline since spring 2023 - though from high levels.
The districts' exports hit a record high in 2022 above 150 billion euros and remained broadly stable in 2023. Exports are above pre-pandemic levels by nearly 20% overall.
The only exception are intermediate goods exports in the fashion industry which are 10% lower than in the first quarter of 2019.
($1 = 0.9152 euros)
Reporting by Valentina Za; Editing by Emelia Sithole-Matarise
免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。